Britain must back Obama's stand against the money bullies - who is in charge, banks or Government? - by Polly Toynbee

Who's in charge, banks or elected governments? President Obama puts up his fists and every other democracy had better stand with him. He is taking a colossal risk, as Goldman Sachs and the rest thumb their noses at mere governments. Someone had to take on the bully power of money – and only America has the clout. The world's economy depends on it, so Europe must stop pussy-footing and back his plans to dismantle "too big to fail" banks. In Britain this comes to lift the spirits after a week that saw a government powerless against malign market forces – forces it has too often extolled. The hostile takeover of Cadbury by Kraft, financed by RBS, is a deal that stands to be a loser for all but the deal-makers. Not even Kraft's biggest shareholder, Warren Buffett, could stop what he called "a bad deal", as financiers creamed off $390m in fees.

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